Who is known as the father of the Indian budget?

By Ritesh|Updated : September 1st, 2022

On November 26, 1947, K. Shanmukham Chetty delivered the first budget of an independent India. Before India gained its independence, British economist James Wilson gave the country's first budget. Chetty was born to wealthy and religiously conservative parents from the dynasty of Tamil Vania Chetty in 1892.

Father of the Indian Budget

  • They were Coimbatore mill owners and businessmen.
  • He had the opportunity to earn a degree from the renowned Madras Christian College.
  • He displayed a complex personality at a young age, so Kandaswamy Chettiar, his father, wanted him to join the civil services.
  • However, Chetty had other priorities. He was eager to travel to Madras to continue his education at M.C.C. Ramaswamy Chettiar, his grandfather, was persuaded to send him.
  • In 1917, he later became a counsellor and vice-chairman of the Coimbatore Municipality.
  • He served in the Madras Legislative Assembly from 1920 to 1921 and discovered a new skill here.
  • After declaring independence from British imperialist control in 1947, India had as many as 30 finance ministers. And these individuals have helped shape India's $2.6 trillion economy.
  • India has developed into the second fastest growing economy after China and has become a major exporter of goods and services to the rest of the world.
  • ET goes down memory lane by representing every person who manages a financial portfolio.
  • India's development as a major economic power is a fascinating story laced with current political events.
  • Only four ministers presented more than five budgets, despite three prime ministers holding the coveted position of finance minister.

Summary:

Who is known as the father of the Indian budget?

Shanmukham Chetty is known as the father of the Indian budget as he presented the first budget of an independent India on November 26, 1947, and is known as the father of the Indian budget.

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